PARIS (Reuters) - Stellantis cut its 2024 profit forecast on Monday and warned it will burn through more cash than expected as Europe's No.2 carmaker pledged to reduce output and offer big discounts to revive its U.S. business, wiping billions off its market value.

Stellantis NV slashed its forecasts for the year, citing plans to lower production and spend more on promotional incentives in a slowing and more competitive auto market.

Stellantis had been forecasting double digit adjusted operating income margins for this year, until Monday. Now the automaker is changing its outlook.